If you need life insurance, but are having trouble getting accepted, don’t lose hope. There is a policy specifically made for individuals who have nowhere else to turn. This is guaranteed life insurance, and its value is priceless for those who need it.
How Is The Enrollment Process Different From Other Forms Of Life Insurance?
Enrolling in a guaranteed issue policy is easier compared to traditional life insurance. Most policies require a medical exam as a way to determine how much of a risk they’re taking by insuring you. Guaranteed issue life insurance avoids the medical underwriting process altogether, as you can choose not to disclose your medical information.
Guaranteed issue policies typically allow for enrollment up until the age of 75 – an age that would make most policies unattainable. Age becomes an asset instead of a liability, because some policies will stop requiring premium payments once you reach a certain age, which is roughly between 90 to 95 years old.
What Does This Mean For The Death Benefit?
Since it’s assumed you would be closer to the end of your life expectancy, issuing a higher death benefit poses a greater risk for your insurer. That’s why the death benefit is lower compared to other life insurance policies, and why there’s a waiting period.
Death benefits tend to be no more than $25,000, but there are a few companies that will disburse as much as $50,000. While this is a fraction of the coverage you’d get if you were to have another policy, it’s better than not getting any coverage at all.
You’ll also be subject to a waiting period, which is also referred to as a no-claim period. Here, you will pay premiums for a number of years before your policy takes effect. This is usually two years.
What Are The Premiums Like Compared To Other Policies?
Guaranteed life insurance is comparatively higher than other forms of life insurance by default, as there is a greater implied risk.
The exact cost varies from person to person. Factors such as age, health, and gender still come into play when your insurer determines your premium costs. The younger and healthier you are, the more inexpensive your premiums will be
What Are Other Benefits?
You may find a policy offering benefits that others don’t. For example, some guaranteed issue policies provide an early death benefit disbursement if you’re diagnosed with a terminal illness. Others have premiums that are guaranteed to remain the same throughout the life of the policy. This is why it is a good idea to look into what each option has in store for you.
Get Your Guaranteed Issue Policy Today
At Fidusure Financial, we believe that all individuals are entitled to the opportunity to leave their loved ones with a sense of financial freedom. A guaranteed issue policy may not be life-changing, but it gives you a chance to contribute to your loved ones’ peace of mind. Don’t wait – call us today at (647) 567-4702.